Somo sees profit and headcount rise as it targets further growth
Bridging lender Somo saw its profit rise and expanded its team in its latest financial year, as it lays “the foundations for future growth”.
The firm posted a pre-tax profit of £6.2m for the 12 months to 31 March 2023, up from £5.6m the previous year, according to documents filed with Companies House.
Somo said that its bridging finance loan book, which is financed by lenders and investors, stood at £65.3m at year-end. Its consumer credit loan book, which is financed by internal capital and reserves, stood at £2m.
“The company has achieved year-on-year increases in turnover and funds lent since inception,” Somo said. “Headcount has increased significantly as we lay the foundations for future growth.”
The average monthly number of employees during the last financial year was 72, up from 53 the previous year.
Somo’s latest financial results come shortly after the firm surpassed the £300m lending milestone.
Last month, the firm announced that it has lent £313m to date with no capital losses, with investors earning a cumulative £25.9m in interest.
Somo has celebrated a number of record months this year in terms of the number of deals and completions. It said that it expects 2024 to be another record-breaking year.
It has also increased interest rates for investors in line with base rate rises, with returns reaching up to 13.2 per cent in September and trending at over 10 per cent on average.